Daimler takes control of Mercedes team

Daimler has taken full control of the Mercedes Grand Prix F1 team after Aabar Investments PJSC agreed to sell its 40 percent stake in the team.

According to a statement from Aabar's parent company, International Petroleum Investment Co, Aabar is to sell its stake in the F1 team to Daimler UK Ltd. for an undisclosed sum.

Prior to today's news, the Abu Dhabi sovereign-wealth fund sold its remaining voting stake in Daimler in October having bought a 9 percent in the manufacturing giant in 2009 at a time the global financial markets were collapsing. As part of the deal Aabar acquired the stake in the Mercedes team.

In November 2009, Daimler and Aabar bought the championship winning Brawn GP team, which was launched next season as Mercedes Grand Prix, the German manufacturer having persuaded Michael Schumacher to come out of retirement.

For 2013, in a move the shocked much of the paddock, the Brackley-based outfit has secured the services of Lewis Hamilton.

Today's deal still has to be approved by German and Italian antitrust authorities.